Kinovo completes final legacy DCB Kent project

2nd Aug 2024 11:37

(Sharecast News) - Kinovo announced the completion of the final outstanding legacy project related to its former construction subsidiary DCB Kent on Friday, effectively ending its financial liabilities under parent company guarantees for the projects.

The AIM-traded firm said the project was completed on time and within the expected cost forecasts.

It said the total net pre-tax cost for the nine DCB projects remained consistent with the figures previously reported in its results on 9 July.

Additionally, the client for the final project had contracted Kinovo for additional external works on the property.

The works were considered contract variations, and would be paid for separately by the client, meaning they would not impact the overall cost of the project.

As a result of the additional works, the practical completion date was extended to September.

"I am pleased that we have been able to complete the build of the final outstanding DCB project within time and cost forecasts, reaffirming the expectations of our final net pre-tax cost to complete liability," said chief executive officer David Bullen.

"While there are additional external works we have agreed to, which are contracted and to be paid for separately by the client, we are pleased to draw a line under the DCB legacy projects and be able to focus solely on our future and the execution of our organic growth strategy."

At 1048 BST, shares in Kinovo were up 5.88% at 72p.

Reporting by Josh White for Sharecast.com.